{"schema_version":"1.0","name":"MRL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"e45492b4-4a53-4238-973a-6a7bc237e009","symbol":"MRL","name":"MERLIN Properties SOCIMI, S.A.","exchange":"MCE","country":"ES","asset_type":"equity","currency":"EUR","sector":"Real Estate","industry":"Reit - Office"},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range pressure and compression, Directional strength and control, Range position and boundary pressure."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":23,"completedEpisodes":22,"activeEpisodes":1,"medianExpectedMove":7.2,"averageExpectedMove":8.3,"averageWeeksToLargestMove":7.2,"horizons":[{"weeks":4,"sample":23,"expectedCount":12,"expectedPercent":52.2,"averageReturn":0.1,"medianReturn":0.1,"confidenceLow":33.0,"confidenceHigh":70.8,"confidence":"Mixed historical record"},{"weeks":12,"sample":22,"expectedCount":14,"expectedPercent":63.6,"averageReturn":3.0,"medianReturn":1.5,"confidenceLow":43.0,"confidenceHigh":80.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":20,"expectedCount":12,"expectedPercent":60.0,"averageReturn":6.5,"medianReturn":6.2,"confidenceLow":38.7,"confidenceHigh":78.1,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.2,"sample":23},{"week":2,"averageReturn":0.6,"sample":23},{"week":3,"averageReturn":0.7,"sample":23},{"week":4,"averageReturn":0.1,"sample":23},{"week":5,"averageReturn":0.1,"sample":23},{"week":6,"averageReturn":0.7,"sample":22},{"week":7,"averageReturn":0.9,"sample":22},{"week":8,"averageReturn":0.5,"sample":22},{"week":9,"averageReturn":0.5,"sample":22},{"week":10,"averageReturn":2.0,"sample":22},{"week":11,"averageReturn":2.6,"sample":22},{"week":12,"averageReturn":3.0,"sample":22},{"week":13,"averageReturn":3.4,"sample":22},{"week":14,"averageReturn":3.4,"sample":22},{"week":15,"averageReturn":4.5,"sample":21},{"week":16,"averageReturn":4.2,"sample":21},{"week":17,"averageReturn":3.9,"sample":21},{"week":18,"averageReturn":4.0,"sample":21},{"week":19,"averageReturn":4.3,"sample":21},{"week":20,"averageReturn":4.7,"sample":21},{"week":21,"averageReturn":4.1,"sample":21},{"week":22,"averageReturn":3.8,"sample":20},{"week":23,"averageReturn":6.0,"sample":20},{"week":24,"averageReturn":6.9,"sample":20},{"week":25,"averageReturn":6.8,"sample":20},{"week":26,"averageReturn":6.5,"sample":20}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":2.4,"averageExpectedMove":2.4,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":3.9,"medianReturn":3.9,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-2.4,"medianReturn":-2.4,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.7,"sample":1},{"week":2,"averageReturn":-0.5,"sample":1},{"week":3,"averageReturn":2.6,"sample":1},{"week":4,"averageReturn":3.9,"sample":1},{"week":5,"averageReturn":4.6,"sample":1},{"week":6,"averageReturn":3.8,"sample":1},{"week":7,"averageReturn":1.3,"sample":1},{"week":8,"averageReturn":1.1,"sample":1},{"week":9,"averageReturn":3.2,"sample":1},{"week":10,"averageReturn":1.3,"sample":1},{"week":11,"averageReturn":-0.6,"sample":1},{"week":12,"averageReturn":-2.4,"sample":1},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Rollover warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":43.8,"averageReturn":4.1,"sample":16},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 43.8% of comparable cases moved lower after 12 weeks, with an average move of 4.1% across 16 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 33.3% of completed 12-week outcomes were lower across 3 cases. Distinct visits lasted 5.7 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 4.9% across 16 completed cases, with the largest move arriving after 4.3 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"distribution_rollovers":[{"date":"2026-05-08","price":14.74},{"date":"2026-08-14","price":14.51}],"price_pressure_gaps":[{"date":"2026-05-22","price":14.86}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"close":[10.32,10.348,10.7212,10.9078,10.6839,10.8052,10.4133,10.3293,10.2173,9.984,9.5735,9.4895,9.2422,9.8135,9.88,9.9845,9.728,9.4525,9.595,9.6995,9.652,10.241,10.3455,10.621,10.374,10.2695,10.3265,9.9275,9.2768,9.2673,9.4003,9.4905,8.6355,8.6308,9.158,9.291,9.5475,9.7857,10.3293,10.2419,10.5817,10.4458,10.3778,10.6011,10.7565,10.8341,10.8438,11.1448,11.3778,11.7855,12.8728,12.5233,12.6495,12.3583,12.1447,12.601,12.4942,12.3777,12.7466,12.8728,13.0378,13.3388,13.1155,12.8825,12.2806,12.2028,12.5481,12.2126,11.9364,12.114,12.1041,12.1633,12.2422,12.3212,12.1929,12.3409,12.8045,13.1597,13.643,14.8071,14.0278,13.2287,13.426,13.7417,14.3237,15.005,15.3447,15.005,14.8352,14.74,14.58,14.86,15.12,14.78,15.24,15.44,15.54,15.43,15.05,15.03,15.34,15.05,14.77,14.51],"consensus":[54.8544,28.713,58.7629,54.6758,0.0,42.377,-24.1965,-12.3736,-25.2539,-38.9092,-61.5037,-36.8712,-51.8087,24.5522,9.4673,21.789,-19.3607,-40.4448,0.0,0.0,-17.6246,54.2843,40.7272,56.2827,0.0,0.0,19.364,-37.2316,-62.656,-27.8936,0.0,-10.9432,-71.8944,-27.4488,10.1684,0.0,29.721,40.5342,61.8167,27.861,61.6303,27.3298,10.735,47.9636,46.3349,32.3142,33.4061,58.263,50.9277,60.365,85.95,11.6984,59.4275,16.4882,0.0,56.8318,14.214,16.7251,55.125,35.1602,42.7446,54.176,12.0732,0.0,-48.7935,-31.3732,16.3465,-46.7306,-49.7997,0.0,-18.1109,-8.4678,0.0,9.8684,-8.967,11.8151,52.5921,55.3687,65.9059,79.0889,0.0,-23.604,0.0,26.4096,56.4869,63.9551,59.9569,14.8088,19.3875,0.0,-8.424,32.7312,25.8906,-10.2638,47.0846,47.9332,29.2955,27.7211,-16.8702,0.0,25.4139,-19.3127,-27.5066,-39.1765],"supportDates":["2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"control":[63.2871,4.8885,0.0,64.9346,21.7186,21.1325,56.7022,34.3171,42.3767,54.33,6.2667,0.0,-38.6301,-24.8341,31.8436,-44.78,-46.6557,0.0,-9.0332,-6.0782,0.0,9.0248,-6.9112,10.0462,51.3707,57.1437,69.2741,78.6644,0.0,-24.5568,0.0,32.8003,61.0576,68.1495,63.5762,3.2235,15.7342,0.0,-2.3089,43.3885,22.5331,-19.7499,55.0254,55.4395,29.3521,26.3557,-14.8452,0.0,36.7062,-15.2036,-26.4072,-38.4095],"force":[38.097,26.553,0.0,61.4527,18.7788,6.9391,57.4193,23.0747,30.8442,48.6738,23.2388,0.0,-81.9414,-26.2444,41.1891,-59.0218,-60.933,0.0,-5.478,-4.2354,0.0,20.2096,-12.4235,23.2719,73.3453,58.6102,69.244,93.983,0.0,-71.7325,0.0,46.5125,70.4144,62.1746,50.0492,25.475,8.9813,0.0,-29.6117,35.6198,18.3553,-29.4688,41.7709,41.1373,10.6064,11.3099,-41.2882,0.0,31.3674,-35.4556,-33.2671,-38.6037],"direction":[70.2527,60.4887,0.0,44.2707,29.2036,28.591,51.6838,44.7563,51.6654,57.9303,43.9321,0.0,-36.7319,-42.5098,19.1092,-40.1803,-45.4406,0.0,-37.509,-20.2724,0.0,3.4459,-8.8474,5.6533,39.1643,51.0248,59.6723,68.9354,0.0,-11.8625,0.0,4.7468,41.3149,60.4332,62.8977,56.8232,43.8262,0.0,-0.2784,18.488,35.1101,-14.2953,41.805,44.2086,42.5801,41.0037,-1.743,0.0,8.2561,-12.4783,-24.6484,-40.4622],"intensity":[48.0769,42.3077,50.0,67.3077,9.6154,26.9231,55.7692,61.5385,17.3077,42.3077,28.8462,34.6154,98.0769,94.2308,57.6923,53.8462,61.5385,19.2308,38.4615,11.5385,71.1538,42.3077,23.0769,36.5385,75.0,76.9231,73.0769,100.0,92.3077,92.3077,57.6923,84.6154,94.2308,92.3077,67.3077,51.9231,71.1538,7.6923,19.2308,34.6154,80.7692,57.6923,67.3077,25.0,38.4615,38.4615,76.9231,38.4615,42.3077,73.0769,71.1538,23.0769],"confirmation":[86.3079,9.8059,6.355,86.2035,30.1014,51.3773,85.6859,78.8958,81.3212,85.1663,7.8334,29.9815,84.779,77.9827,32.4951,83.3581,84.3231,30.8182,50.8821,25.9292,24.0306,48.8192,48.3394,49.4903,85.4806,85.7897,89.1403,93.7688,12.5111,34.2029,47.7752,54.2997,86.4306,88.3474,86.8291,9.1223,29.9778,27.4792,26.1012,78.3996,76.1065,29.4415,82.7841,83.0171,76.8041,76.3914,51.5068,2.2516,76.1418,74.7347,76.9944,80.5307],"persistence":[100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,87.5,62.5,37.5,37.5,12.5,12.5,25.0,50.0,62.5,50.0,25.0,50.0,25.0,0.0,12.5,37.5,62.5,62.5,37.5,50.0,50.0,50.0,50.0,50.0,50.0,62.5,75.0,62.5,62.5,62.5,37.5,37.5,37.5,37.5,50.0,50.0,37.5,37.5,37.5,12.5,12.5],"assessmentRisk":[20.2427,38.1623,47.356,17.7479,27.1659,5.7552,18.4878,13.4022,23.4887,22.3246,31.4715,5.6216,25.0435,34.2742,56.062,25.4183,17.0245,17.1284,36.5747,4.9165,39.695,28.1731,22.2374,25.228,22.078,22.2497,17.0461,10.4554,45.9749,18.789,24.3361,61.8928,1.9849,17.9084,19.9557,41.6918,26.9306,25.0201,39.9844,29.4644,15.1074,10.1007,24.7036,23.2065,28.3479,34.7735,21.599,45.792,45.656,35.1397,24.9042,28.0885],"volumeParticipation":true,"latest":{"consensus":-39.2,"control":-38.4,"force":-38.6,"direction":-40.5,"confirmation":80.5,"persistence":12.5,"assessmentRisk":28.1,"intensity":23.1,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-39.2","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-38.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-38.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-40.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"81/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"50.0","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.2%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"24.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"62%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility 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